Tokyo - The dollar struggled in Asia on Thursday following the release of minutes from the Federal Reserve's September meeting that dampened expectations for an early interest rate hike.
The greenback bought 107.96 yen in Tokyo midday trade, compared with 108.14 yen in New York, and well down from above the 110 yen level last week.
The euro was at $1.2733 against $1.2734 in New York and much stronger than the $1.2667 level it was at before the minutes were released.
The single currency also fetched 137.47 yen compared with 137.71 yen.
On Wednesday, the minutes from the Fed's policy-making committee showed officials stressed “patience” in waiting to raise interest rates, worried about weaknesses in Europe, China and Japan as well as geopolitical troubles.
In recent weeks the dollar has hit multi-year highs against the yen and euro as strong US data has fanned expectations of a rate hike sooner than later - a move that would tend to push the dollar higher.
The Fed minutes also showed policymakers were concerned about a strong dollar's possible negative impact on US exports and growth.
The minutes were “less hawkish-than-expected”, Credit Agricole said. - Sapa-AFP